Binance Reactivates Operations in Belgium, and Other Crypto News

Leonardo Perez
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Binance Reactivates Operations in Belgium, and Other Crypto News

Binance, the cryptocurrency exchange, reactivated its operations in Belgium, after being accused of money laundering a few months ago.

Leading cryptocurrency exchange Binance announced the resumption of registrations and access to its products and services for cryptocurrency users in Belgium. This comes three months after the local financial regulator ordered Binance to stop its cryptocurrency-related operations in the country.

Confirmation of this news was known through a publication on the X platform, where Binance expressed its satisfaction: “New registrations of Belgian residents are once again welcome on our platform.” Binance also clarified that several of its products and services will be available again to Belgian users who accept the new terms of use.

In June, the Belgian Financial Markets and Services Authority took action against Binance, accusing it of failing to comply with national anti-money laundering and terrorist financing laws.

Kraken Cryptocurrency Exchange Expands its Investment in Europe and Obtains Registration as a Service Provider in Spain

The cryptocurrency exchange platform, Kraken, announced that it has obtained registration as a virtual asset service provider in Spain, granted by the country’s central bank. This development will allow Kraken to offer cryptocurrency exchange and wallet custody services to Spanish residents in the near future.

Additionally, Kraken’s Irish subsidiary has also achieved a significant milestone by obtaining an electronic money institution (EMI) license from the central bank of Ireland. This license will allow Kraken to expand its “EUR trust services in collaboration with banks” not only in Ireland, but throughout Europe, as announced by news outlet CoinDesk.

Taiwan Financial Supervision Commission to Strengthen Protection of Cryptocurrency Investors

With the aim of increasing security and transparency in the cryptocurrency market, Taiwan’s Financial Supervisory Commission (FSC) has announced a series of regulatory guidelines that will affect virtual asset service providers (VASPs) operating in the country.

These new regulations, developed by the FSC, are intended to establish a clear framework for the operation of VASPs and ensure the protection of cryptocurrency investors. One of the highlights of these guidelines is the obligation to separate a cryptocurrency exchange platform’s treasury asset from client assets. This measure is implemented to guarantee that investors’ funds are protected in case of any eventuality.

After the publication of the guiding principles disclosed by the Financial Supervision Commission, VASP operators will be invited to promote self-discipline in the industry, and relevant VASP associations will formulate self-regulatory standards based on the content of the guiding principles, to further strengthen the protection of the customers’ rights and interests.

OpenAI Incorporates ChatGPT Voices and Images into its Chatbot with the New ChatGPT-Plus Version

OpenAI has introduced a series of long-awaited improvements that will allow its highly popular chatbot, ChatGPT, to now interact with images and voices. The new version will be called ChatGPT-Plus. This launch represents a momentous step in OpenAI’s vision of achieving general artificial intelligence that is capable of perceiving and processing information in multiple formats, not just limited to text.

This is how they announced these innovative capabilities through an official statement: “We are beginning to roll out new voice and image capabilities in ChatGPT. They offer a new, more intuitive type of interface by allowing you to have a voice conversation or show ChatGPT what you’re talking about.” This opens up a completely new and more intuitive interface, allowing you to have voice conversations or share images with ChatGPT to contextualize your questions,” the company noted.

By Leonardo Pérez

NFT Bear Market Is Unforgiving on OpenSea and Other Platforms

Audy Castañeda
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NFT Bear Market Is Unforgiving on OpenSea and Other Platforms

The bear market in the world of non-fungible tokens (NFTs) is wreaking havoc among trading platforms for those assets.

The problems of a bearish NFT market seem increasingly cruel against trading platforms for these collectible assets. However, the issue has been particularly strong for OpenSea, which was the most important bastion of that trade.

Since the decisive emergence of Blur, the platform has experienced a deflation process that exceeds market conditions. Given this, the firm began a process of changing its commercial policy, which in the short term made things worse for them.

In any case, the blockchain-based collectibles sector is in a highly negative situation. It is worth noting that the latter is accentuated in the commercial sphere, but not so much in adoption. Despite the conditions, numerous companies continue to enter the sector or strengthen their projects.

NFT Market Continues to Lose Ground

The bear market hitting the NFT sector contrasts with the levels reached in 2021, when it peaked. Since then, the crypto sector went through rocky terrain that led to notable price drops and a series of bankruptcies.

As expected, this affected highly linked markets such as collectibles and decentralized finance (DeFi). Although the first half of 2023 was one of recovery and significant price increases for cryptocurrencies, NFTs were not up to par.

Despite gaining ground, this commercial sector was unable to recover from the winter and now, with the new drop in cryptocurrencies, it continues to decline. Ethereum NFTs have not stopped losing space since February. Since then, with the exception of June, its monthly volume sank noticeably.

In the case of OpenSea, the matter is much more dramatic, as it lost ground in a short time to Blur. Although both NFT markets suffer from bearish conditions, Blur continues to take away vital space from OpenSea.

Considering the current macroeconomic conditions and taking into account that the SEC has already set its sights on NFTs, a recovery should not be expected in the short term. However, this market has great evolutionary potential that will bring it closer to other future technologies such as the Metaverse.

Other Markets with Better Prospects

Although the NFT sector is generally in a winter phase, some networks seem better positioned. One of them is the Solana blockchain, where non-fungible tokens experience significant movements. Basically, the #1 NFT marketplace on Solana surpassed projects running on the Ethereum network.

There are more than obvious reasons for this to happen and the two main ones are the commissions for the creators and the low trading commissions of the network. In other words, platforms like OpenSea and Blur are not profitable for projects and they are beginning to look at other more convenient networks like Solana.

All of this would lead the main Ethereum platforms to rethink the issue of royalties for creators. If they do not do so, they run the risk of being completely and definitively displaced in the near future.

Returning to Ethereum, according to data from The Block, $219.94 million dollars have been traded in the NFT market so far in September. Of these, a total of $120.06 million was traded on Blur and just $58.11 million on OpenSea.

By Audy Castaneda

Ethereum Price Starts to Recover, But Can It Overcome This Key Hurdle?

Leonardo Perez
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Ethereum Price Starts to Recover, But Can It Overcome This Key Hurdle?

The second-largest cryptocurrency by market capitalization, Ethereum (ETH), is struggling to regain lost ground after starting a downtrend on September 21, 2023. Despite a modest rebound, ETH faces challenges on its path to redemption.

Ethereum price expects a recovery wave from $1,565 against the US Dollar. ETH could rise steadily if it settles above $1,600 and $1,620.

Ethereum is attempting a recovery wave above the $1,580 level. The price is trading above $1,590 and the 100 hourly simple moving average.

There was a break above a major downtrend line with resistance near $1,590 on the hourly chart of ETH/USD (data via Kraken). The pair could start a recovery wave if there is a close above $1,600 and $1,620.

Ethereum Price Signals Recovery

Ethereum price remained well bid above the $1,565 level. ETH appears to be forming a base above $1,565 and is slowly rising, like Bitcoin.

The price was able to recover above the $1,580 and $1,590 levels. There was a move above the 23.6% Fibonacci retracement level of the downward move from the high of $1.669 to the low of $1.565.

Additionally, there was a break above a major downtrend line with resistance near $1,590 on the hourly chart of ETH/USD. Ethereum is now trading above $1,590 and the 100 hourly simple moving average.

On the upside, the price could face resistance near the $1,600 level. The next major resistance is $1,620. It is close to the 50% Fibonacci retracement level of the downward move from the high of $1,669 to the low of $1,565. A push above $1,620 could see Ether rise further and there are chances of a continued rise.

The next major resistance is near $1,650 and $1,660. If the bulls manage to clear the $1,660 hurdle, the price could start a decent rise towards the $1,720 resistance. Any further gains could open the doors to a move towards $1,800.

Another Fall in ETH?

If Ethereum fails to overcome the $1,620 resistance, it could start another decline. Initial support on the downside is near the $1,580 level. The next key support is $1,565, below which the price could test the support at $1,540.

If the bulls fail to protect the $1,540 support, there could be a sharp decline. In the indicated case, there could be a drop towards the $1,440 level.

As of the MACD Hourly Technical Indicators, the MACD for ETH/USD is losing momentum in the bearish zone. The RSI for ETH/USD is now above the 50 level. The Main Support Level is $1,565, while the Main Resistance Level stands at $1,620.

Ethereum’s recent drop, below key support levels, indicates increasing selling pressure. Although the cryptocurrency has attempted a short-term recovery, the road to redemption remains challenging. The $1,600 resistance level represents a significant hurdle for ETH and failure to overcome it could trigger a further decline. Currently, ETH has seen a modest bounce and is trading at $1,595, marking a 1.26% price increase in the last 24 hours.

An informed and strategic approach is crucial to navigating the future paths of Ethereum (ETH), considering the multifaceted influences affecting its progress. If you think there are too many influences pushing this coin in different directions, feel free to opt for projects like ScapesMania, which are more focused and less susceptible to pressure.

By Leonardo Pérez

AirBit Club Co-Founder Sentenced to 12 Years in Prison

Audy Castañeda
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AirBit Club Co-Founder Sentenced to 12 Years in Prison

Rodríguez and his accomplices deceived people into investing in an alleged cryptocurrency mining and trading company. Upon achieving their goal, they executed a sophisticated money laundering operation to hide their illegal profits. The rest of the scammers, who pleaded guilty, await their respective sentences in October.

The co-founder of cryptocurrency mining and trading business AirBit Club, Pablo Renato Rodríguez, was sentenced to 12 years in prison for orchestrating a global pyramid scheme. For US District Judge George B. Daniels, Rodríguez and his accomplices deceived people into investing in an alleged cryptocurrency mining and trading company.

Upon achieving their goal, they executed a sophisticated money laundering operation to hide their illegal profits. It should be noted that, in March this year, the main executives and operators of the business pleaded guilty to accusations of fraud and money laundering.

How the AirBit Club Cryptocurrency Ponzi Scheme Worked

As a result of that statement, everyone was ordered to forfeit their fraudulent AirBit Club winnings. That capital included seized or restricted assets for an approximate amount of $100 million. The sum was made up of cash, Bitcoin and real estate.

In its ruling, the court revealed the details of the accused’s actions. The ruling highlighted that the scam promoters falsely promised victims that with AirBit Club they would obtain returns from mining and trading cryptocurrencies. That tempted people with access to passive, guaranteed daily returns for any membership purchased.

Federal prosecutor Damian Williams did not limit himself when describing the forcefulness of the maneuvers, and expressed the following:

“Rodriguez co-founded and ran a multimillion-dollar international pyramid scheme that preyed on mostly unsophisticated investors with false promises that their money was being invested in cryptocurrency trading and mining.”

Rodríguez’s sentencing explains that the scammers traveled throughout the United States and numerous locations in Latin America, Asia and Eastern Europe, where they organized lavish exhibitions and small community presentations aimed at convincing victims to purchase AirBit Club memberships. Williams revealed what they then did with the money:

“Instead of investing on behalf of investors, Rodríguez concealed victims’ money in a complex laundering scheme using Bitcoin, a lawyer trust account as well as international front and shell companies, and used victims’ money to fill his own pockets.”

Complaints from Victims and What Happens to the Rest of AirBit Club Scammers

Already in 2016, protests began to arise from AirBit Club users who complained about not being able to withdraw their money. These complaints were reportedly met with excuses, delays, and hidden fees. In some cases, the fees were more than 50% of the requested withdrawal.

The path of the scam was completed with another fantasy: after a victim’s investment, the promoter on duty provided them with access to an AirBit Club online portal. This tool was used to see the supposed returns of memberships.

U.S. Attorney Damian Williams exposed the AirBit Club model as an example of the many cases of unscrupulous people who seek to take advantage of people’s trust.

“Rodriguez is one of many recent examples of people exploiting cryptocurrencies to commit fraud, and today’s sentencing should deter anyone who may be tempted to defraud others with false promises of cryptocurrency investments.”

In addition to Rodríguez, the others targeted are Gutemberg Dos Santos, Scott Hughes, Cecilia Millan, Karina Chairez and Jackie Aguilar. Next October, the rest of the defendants are expected to hear their sentences some time soon.

By Audy Castaneda

Is Bitcoin Really Bulletproof? These 8 Cataclysmic Events Say YES!

Leonardo Perez
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Is Bitcoin Really Bulletproof? These 8 Cataclysmic Events Say YES!

Despite facing numerous black swan events (unpredictable and rare incidents that have a significant impact), BTC has managed to stay afloat, refusing to fall to the $12,000 mark.

In the ever-evolving world of cryptocurrencies, Bitcoin has consistently proven its resilience. Despite facing numerous adverse events, BTC has managed to stay afloat, refusing to drop to the $12,000 mark. Let’s delve into these events and explore the strength of the Bitcoin.

The Unfortunate Descent of Terra Luna

Terra Luna, once a rising star in the cryptocurrency world, faced an unexpected failure. However, although many predicted this would be the fall of the BTC price, it held firm. The interconnectedness of the cryptocurrency market is undeniable, but Bitcoin’s resilience in the face of Luna’s failure demonstrated its independent strength.

The Fall of Three Arrows Capital

The liquidation of Three Arrows Capital sent shockwaves through the crypto community. Its fall, a major player, was expected to take Bitcoin down with it. However, Bitcoin demonstrated its inherent value and stability and remained relatively intact.

The Celsius Collapse

Celsius, a popular crypto lending platform, faced a dramatic collapse. While many assets and platforms would crumble under such pressure, Bitcoin’s decentralized nature and global adoption played a critical role in its ability to weather the storm.

The Unexpected Fall of Blockfi

Another lending giant, Blockfi, also met its premature end. The market prepared for a significant drop in the value of Bitcoin. However, the digital currency’s decentralized infrastructure and its widespread use as a store of value helped it remain stable.

Voyager’s Sudden Departure

The collapse of Voyager came as a surprise to many. As a platform that facilitated cryptocurrency trading, its downfall could have had a cascading effect. However, Bitcoin, with its robust network and decentralized nature, has once again proven that it can hold its own in the midst of adversity.

FTX Crypto Exchange Goes Dark

FTX, one of the leading crypto exchanges, faced a shocking collapse. The potential consequences of the departure of such an important player were immense. But Bitcoin’s global reach and its decentralized consensus mechanism ensured its continued stability.

Genesis Files for Bankruptcy

Genesis, a key player in the over-the-counter cryptocurrency trading space, filed for bankruptcy. While this sparked waves of concern throughout the industry, the decentralized and peer-to-peer nature of Bitcoin ensured that it remained a trusted asset for many.

The SEC’s Fight with Cryptocurrencies

Regulatory challenges have always loomed large in the crypto industry. The heightened scrutiny of the SEC and battles with various crypto entities raised surprise and concern. However, Bitcoin, with its decentralized spirit and global acceptance, managed to navigate these regulatory waters without plummeting to the dreaded $12,000 mark.

Why is Bitcoin Bulletproof?

One of the main reasons for Bitcoin’s resilience is its decentralized architecture. Unlike traditional financial systems that have centralized points of control and failure, Bitcoin operates on a global network of computers, making it incredibly difficult for any event, no matter how significant, to bring down the entire system.

Bitcoin is not just a technological marvel; It is also a community-driven project. Its strength lies in the collective belief and trust of its users around the world. When faced with challenges, the Bitcoin community has historically come together to find solutions, whether through software updates, forks, or other means. This collective problem-solving and shared belief in the underlying principles of the currency ensure that Bitcoin can adapt and endure, even in the face of seemingly insurmountable challenges.

By Leonardo Pérez

Woman To Whom Crypto.com Mistakenly Transferred $10 Million Arrested in Australia for Theft

Audy Castañeda
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Woman To Whom Crypto.com Mistakenly Transferred $10 Million Arrested in Australia for Theft

Last year, cryptocurrency exchange Crypto.com accidentally transferred more than $10 million to Thevamanogari Manivel, who was arrested and spent 209 days in custody, accused of theft before facing trial, and has now been sentenced in Australia. The company has stated that it has implemented changes to its internal processes to improve security and compliance.

In a current development, the person who mistakenly received a staggering sum of $10 million from cryptocurrency platform Crypto.com, Thevamanogari Manivel, has been sentenced on theft charges in Australia, according to The Guardian.

It is very difficult to ignore that such an incident has generated a debate on the moral and ethical dimensions for both Crypto.com and the accused. Following is an explanation of how this surprising story unfolded, as well as its implications.

Crypto.com’s $10 Million Mistake Takes Toll One Year Later

More than a year ago, Crypto.com made a serious mistake by accidentally transferring more than $10 million to Thevamanogari Manivel, a 41-year-old disability support worker in Australia. However, this colossal lapse went unnoticed for months until a routine audit revealed it. This incident became a financial scandal that attracted worldwide attention.

Manivel’s life took an unexpected turn when she left Malaysia in 2015 to escape a controlling relationship. Her goal was to create a stable life in Australia and eventually bring her three children to be educated in the country. To achieve this, she worked tirelessly in various jobs, including motel cleaner, supermarket cashier, and caregiver for people with disabilities.

Additionally, she pursued additional education, earning a certificate in elder care and pathology. In 2020, he met Jatinder Singh, who became her partner and had an interest in cryptocurrency investment.

Crypto.com Transfer Was Due to “An Error” in an Excel Sheet

The error that led to the transfer of $10 million was due to a mistake in an Excel spreadsheet by a Crypto.com worker in Bulgaria. What should have been a refund of $100 turned into a staggering transfer of $10.47 million to Manivel’s account.

Singh noticed the overpayment the next day and encouraged Manivel to transfer the majority of the funds to a joint account at Westpac.

The story took an even more intriguing turn when a Crypto.com audit in December 2021 finally revealed the error. The company began efforts to recover the funds, involving the Commonwealth Bank in the process.

The bank tried to contact Manivel in January 2022 to resolve the situation, but she, thinking they were scam attempts, did not respond adequately.

Manivel Found Guilty of Cryptocurrency Theft

From Crypto.com’s perspective, the initial error raises questions about responsibility and integrity in digital asset management. The company has stated that it has implemented changes to its internal processes to improve security and compliance, but this incident highlights the need for more rigorous oversight and prevention of costly mistakes.

As for Manivel, her initial response to the bank’s contact and her handling of funds after the mistake raise ethical questions. Although the money was received unintentionally, her decision to continue using the funds acquired by mistake to acquire goods becomes a matter of liability, hence the law is attributing fraud to her in this case.

Ultimately, this case illustrates how mistakes in the cryptocurrency world can have significant legal and ethical consequences. Both companies and individuals must be aware of the moral implications of their actions in the context of a constantly evolving financial market.

By Audy Castaneda

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